E3-15 Inferring Transactions and Computing Effects Using T-Accounts [LO 3-1, LO 3-2, LO 3-3]A company’s accounting records included the following accounts.Accounts Receivable (A)1/1 5062,855 a12/31 420Prepaid Rent (A)1/1 6484 b12/31 42Deferred Revenue (L)408 1/1c 496392 12/31Required:For each T-account, describe the typical transactions that cause it to increase and decrease.Compute the missing amounts.

Question

E3-15 Inferring Transactions and Computing Effects Using T-Accounts [LO 3-1, LO 3-2, LO 3-3]
A company’s accounting records included the following accounts.

Accounts Receivable (A)
1/1 506
2,855 a
12/31 420
Prepaid Rent (A)
1/1 64
84 b
12/31 42
Deferred Revenue (L)
408 1/1
c 496
392 12/31

Required:

For each T-account, describe the typical transactions that cause it to increase and decrease.

Compute the missing amounts.

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